HSBC InvestDirect - confused

newfoundglory

is anyone familiar with the hsbc investdirect service?

have just opened a hsbc investdirect account, and i'm confused as to how it operates. I usually use Halifax's sharedealing service (which I top-up from a halifax account and just buy/sell)

I opened one with HSBC dealing account because of the commission sale offer and because I already had a hsbc bank account. The investdirect appears to contain a second "settlement" account. I do not understand why this settlement account has a balance of 10 grand.

I cannot work out how to "top-up" the dealing account, and if this 10k represents credit I have been offered in order to deal - would this cost me money? and how do I add money to it to being it back in-credit?

gt94sss2

Assuming you have the standard InvestDirect account - which it sounds like you do.. its linked to your current account.

The reason why your settlement account shows £10,000 is because HSBC will let you buy that much in shares immediately - there is no need to 'top up' a dealing account before trading.

Once you have brought shares (on a T+3 basis) the money will be taken from your current account on the evening on day 3.

So if you were to buy (up to) £10,000 worth of shares on Monday, HSBC will debit the cost of those shares from your current account on Thursday evening.

This is standard with this account and £10K seems to be their default trading limit - if you call them (if you want to invest more than £10K) they can increase the figure.

Regards
Sunil